Property Management, A Beginning

By
Real Estate Agent with Kennewick Richland (and West) Pasco WA Homes For Sale

Rental AvailableThis is the first of hopefully many property management blog entries. I intend to narrowly focus in on property management, investment properties, and the maintenance requirements of both.

I'm excited about this blog, as this blog is the first step in Colleen (the beautiful wife) and my goal of owning a property management company. Ever since we've been married we've owned and managed rental properties, and when relocated to the Tri Cities Washington area five years ago, we maintained 22 rental units. Right now we manage and maintain 8 rental units and 2 commercial parcels, however, these are our properties. Colleen is half-way through her coursework to obtain her Washington state real estate brokers license. We are looking at completion date of November 30th, 2008, at which time we will reevaluate our position and consider the move into managing client's investment and rental properties.

Looking forward to contributing more information and resources in and for the property management industry here on ActiveRain.


Handsome Bald DudeI be Joe Lane, the co-owner of The Lane Real Estate Team. The other owner, my beloved wife Colleen, wants nothing to do with the property management side of the real estate business. With five children still at home, I don't blame her. You can call me most anytime at 509.308.5513 | Don't mess with a bald dude!

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The Rental Reps...Tenant Placement Services and Property Management
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Show All Comments
Rainmaker
39,609
Keenan Tameling
Libertas Holding Inc. - Calgary, AB

I would love to be able to share ideas and learn from each others experiences in property management.  I own a property management company in Edmonton and am now expanding it into Calgary.  Its been a learning curve and a half, its been fun.  There are not enough property managers to converse with.  Good luck in your new venture.

October 24, 2008 01:46 AM #1
Rainmaker
68,659
Joe Lane Richland
Kennewick Richland (and West) Pasco WA Homes For Sale - Richland, WA
WA Realtor, 509.438.9344 www.LaneRealEstateTeam.com

Thanks Keenan for commenting!  In my bio I've shared that we've managed properties for 20+ years, however, only our own.  Managing properties for clients will certainly bring on a whole new set of challenges. 

October 24, 2008 02:49 AM #2
Rainer
63,819
Amy Salisbury
Leading Edge Properties - Charles Town, WV
West Virginia Realtor/Jefferson/Berkeley

Hi Joe,

Like Keenan, I too am interested in learning and sharing ideas regarding property management.  My business partner and I own our own brokerage which has a property management division.  We are fortunate enough to have an experienced Realtor who has worked in property management for years and is expanding her portfolio of accounts weekly. 

But it really is a different animal from traditional real estate listings and sales.  I'm going to subscribe to your blog and hope to engage in lots of interesting discussions in the future!  Thanks!

October 24, 2008 04:30 AM #3
Rainmaker
892,636
Michael Setunsky
Michael's Commercial LLC - Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

I think this is a great opportunity to learn from you and other property managers out there. Thanks and looking forward to reading your blog.

October 24, 2008 07:50 AM #4
Rainmaker
91,997
Michael Monteiro
Buildium.com - South Boston, MA

Joe,

I'm excited about more Property Management blogging.  I feel like there is a major void in this arena.  I have a Property Management Blog at http://blog.buildium.com, and I would love to hear about others you may know of.

-Michael

 

October 24, 2008 10:02 AM #5
Rainmaker
68,659
Joe Lane Richland
Kennewick Richland (and West) Pasco WA Homes For Sale - Richland, WA
WA Realtor, 509.438.9344 www.LaneRealEstateTeam.com

Thanks Michael,

I'm hoping to keep this focused on property management issues.  I tend to get side-tracked, so we'll see how long that lasts!  :o)

October 24, 2008 10:48 AM #6
Rainmaker
311,766
Leslie Prest
Leslie Prest, Prest Realty, Sales and Rentals in Payson, AZ - Payson, AZ
Owner, Assoc. Broker, Prest Realty, Payson,

Good luck with your company. We own our own company, and do rentals and sales (mostly rentals with the market as it is). Property Manangement is a good field to be in now. Our properties have zoomed from about 80 a year ago to about 100 now. And when the market changes a lot of those Owners will want to sell. I'm surprised more agents aren't getting into property management right now.

October 24, 2008 02:19 PM #7
Anonymous
Anonymous
Laura

I own a few rental properties in KS and am thinking of relocating to KS to manage them myself.  While I am at it, I would like to find out about managing other properties for other property owners.  I have 11+ years of experience managing my own properties.  For the few years that I have owned rental property in KS, however, I acutally have had many real problems with the management companies that I have hired to manage my KS properties and feel that I can do a better job on my own once I relocate.  I have tried doing my own research to find out whether there are any state requirements for property managers or property management companies in Overland Park, KS.  Can anyone point me in the right direction so that I can get that question answered.  I have not been able to find out as of yet.  I would appreciate any information that can be supplied...

October 24, 2008 02:30 PM #8
Rainmaker
68,659
Joe Lane Richland
Kennewick Richland (and West) Pasco WA Homes For Sale - Richland, WA
WA Realtor, 509.438.9344 www.LaneRealEstateTeam.com

@Leslie, Amen to the "...And when the market changes a lot of those Owners will want to sell. I'm surprised more agents aren't getting into property management right now..." part of your comment.  I agree, what a way to garner potential buyers/sellers.  I say buyers, because renters will often times use the landlord real estate agent if a good relationship exists.

@Laura, Property managers have a tendency to not care.  Probably the reason we have always managed our own.  Property managers who do not care are really obvious during periods where the market sides with the tenant. 

October 24, 2008 02:42 PM #9
Rainmaker
238,758
Benjamin Clark
Homebuyer Representation, Inc. - Salt Lake City, UT
Buyer's Agent - Certified Negotiation Expert

Welcome to Active Rain! For some tips on how to get started here, check out my blog entry at ActiveRain Fast-Start Tips for Quick and Easy Points. If you have any questions, just ask! Happy blogging and good luck!

November 01, 2008 11:01 PM #10
Rainmaker
238,758
Benjamin Clark
Homebuyer Representation, Inc. - Salt Lake City, UT
Buyer's Agent - Certified Negotiation Expert

Nice to see you've kept blogging. Keep it up!

November 24, 2008 01:29 PM #11
Show All Comments
Rainmaker
68,659

Joe Lane Richland

WA Realtor, 509.438.9344 www.LaneRealEstateTeam.com
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